GBP/USD – 1.2954
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.2940
Kijun-Sen level : 1.2973
Ichimoku cloud top : 1.2998
Ichimoku cloud bottom : 1.2988
Original strategy :
Buy at 1.2865, Target: 1.3000, Stop: 1.2830
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.2865, Target: 1.3000, Stop: 1.2830
Position : –
Target : –
Stop : –
Cable’s retreat after faltering below last week’s high of 1.3030 suggests consolidation below this level would be seen, hence weakness to 1.2916 support cannot be ruled out, however, reckon downside would be limited to 1.2865-70 and bring another upmove later, above said resistance at 1.3030 would signal recent upmove is still in progress and may extend further gain towards recent high 1.3048 but loss of near term upward momentum should prevent sharp move beyond 1.3075-80 today and reckon 1.3100 would hold on first testing.
In view of this, would not chase this rise here and we are looking to buy cable again on pullback as 1.2900 should limit downside and bring another rally. Below previous resistance at 1.2861 would suggest a temporary top is formed instead, risk weakness to 1.2830-35 (50% Fibonacci retracement of 1.2640-1.3030) but support at 1.2794 should remain intact.
